CharterMac Revises Profits Upward

CharterMac, New York, has revised its 2004 financial statements in a way that boosts reported earnings for the fourth quarter and for the year overall.Net income for the year totaled $65.4 million ($1.19 per share), versus the previously reported $62.0 million ($1.12 per share), the company said. For the fourth quarter, the revised net income totaled $19.8 million ($0.34 per share), compared with the previously reported $17.1 million ($0.29 per share). The company said the revisions (prompted by the discovery of accounting errors) had no effect on its operations, cash flows, or cash available for distribution. CharterMac, which provides financial services for the multifamily sector, can be found online at http://www.chartermac.com.